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Clarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under section 74 of the said Act.New
June, 19th 2015
7

                                                       Ge.lsralltrqu]gl I',le-Ef2-Q-ls
                                  No. 1/8/2O 13-CL V
                                  Government of India
                              Ministry of Corporate Affairs

                                                  sth Floor, A wing, Shastri Bhavan,
                                                             Dr R.P. Road, New Delhi

                                                              Dated: l&1June,    20 15

    To

    All Regional Directors,
    A11 Registrars of companies,
    All Stakeholders.

    Subject: Clarification on repayment ofdeposits accepted by the companies before
             the commencement of the Companies Act, 2013 under section 74 of the
             said Act


    Sir,


          This Ministry has received representations seeking clarification regarding
    processing of the deposits related complaints recived from investors under
    section 74 of the Companies Act, 2013 (the said Act) in respect of defaults made
    by companies in repayment of deposits accepted by them before th
    commencement of the said Act i.e. before lst April, 2014 and filing of
    prosecutions against defaulting companies by the Registrars of
    Companies/Regional Directors.
2. The matter has been examined in the Ministry and it is clarified that vide Removal of Difficulties (Scond) Order [S.O. 1428(E)l dated 2"d June, 2014 ar'd Removal of Difficulties (Fourth) Order lS.O. 146O(E)l dated 6d June, 20 14, the Company Law Board has been empowered to exercise the powers of National Company taw Tribunal under sub-section (4) of section 73 and sub- section (2) of section 74 of tL'e said Act, till the latter's constitution. Thus, a depositor is free to lile an application under section 73(4) of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. Further the company may also file application under section 74(21 of the said Act with the Company Law Board seeking extension of time in making the repayment of deposits accepted by it before the commencement of the provisions of the said Act . 3. Further, attention is also drawn to Explanation appearing below Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014 which clarifies the conditions subject to which a company would be deemed to have complied with the requirements laid down in Section 7a(1)(b) of the Companies Act, 2013 Companies can repay deposits accepted prior to 1"t April, 2O14 in accordance withierms arld co;ditions for which the deposits had been accepted. 4. It is also clarified that there is no bar on the Registrar of Companies for filing of prosecution against a company if such company fails to make repayment ofdeposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013, subject to the contents of para 3 above- This issues with the approval of the competent authority Yours faithfully j.Ao^,Iu - (KMS Nara ananl Assistant Director (Policy) Copy to:- 1. e-Governance Section and web contents Officer to place this circular on the Ministry website 2. cuard File
 
 
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